Egyptian banking sector EGP 2tn in 2014: Fayed

The size of Egypt’s banking sector amounted to EGP 2tn by the end of 2014.(AlBorsa Photo)

By Hossam Mounir

The size of Egypt’s banking sector amounted to EGP 2tn by the end of 2014, according to Deputy Governor of the Central Bank of Egypt (CBE), Tarek Fayed.

Fayed stated that the banking sector’s deposits growth rate reached 17%-20% over the past three years, with the loans portfolio reaching 10%.

On Tuesday, Fayed opened the 9th Economic Conference’s event “People and Banks”, on behalf of CBE Governor Hisham Ramez.

Fayed added that over the past few years, Egypt’s banking sector suffered many crises which it successfully managed to overcome, thanks to the reform initiated by the CBE in 2004.

He concluded that banks operating in the Egyptian market participated in many activities, which increased the number of people dealing with the banks.

These activities included retail banking, funding small and medium-sized companies, Internet banking, an initiative to fund real estate projects which target middle class and individuals with low income.